Core Viewpoint - The recent public confrontation between Fantasia Holdings (01777.HK) and its subsidiary, Color Life Services (01778.HK), against the auction plan of 29.9% shares by Oaktree Capital reflects the ongoing value competition and structural changes in the property management industry during the real estate adjustment period [2][3]. Group 1: Share Auction Controversy - The core of the share auction controversy stems from unresolved debt disputes between Fantasia and Tianfeng International Securities Futures (TFISF) [3]. - Oaktree Capital, as a financial advisor related to TFISF, plans to auction up to 29.9% of Color Life's issued shares, with TFISF claiming to hold approximately 780.14 million shares (41.95% of total issued shares) as collateral for debts owed by Fantasia [3][4]. - Fantasia denies any collateral relationship regarding the shares and is seeking legal advice to protect its rights [3][4]. Group 2: Financial Context - The auction plan's feasibility and TFISF's true intentions are under scrutiny, especially given that Color Life's market value is only HKD 331 million, which is significantly lower than the USD 96.98 million debt owed [4]. - Market speculation suggests that TFISF may be attempting to pressure Fantasia into concessions regarding debt restructuring, particularly as Fantasia is currently undergoing a critical debt restructuring process [4]. Group 3: Company Performance - Color Life, once known as the "first property stock," remains a core asset in Fantasia's debt restructuring, reporting revenue of approximately CNY 1.039 billion, gross profit of CNY 224 million, and net profit of CNY 28.6 million for the first half of 2025 [5]. - The performance data indicates operational resilience amid the overall adjustment in the real estate sector [5]. Group 4: Industry Dynamics - The property management industry is becoming a key asset during the real estate market adjustment, with a notable divide between leading firms and smaller companies [6]. - Leading property management firms benefit from significant scale effects and resource advantages, while smaller firms face challenges such as resource depletion and ownership instability [6]. - The industry is expected to continue its structural transformation, with an anticipated increase in concentration and growth potential driven by urbanization and rising living standards [6].

Core Viewpoint - The ongoing dispute between the company and TFISF has resurfaced, with the company opposing the auction of shares in its subsidiary, Color Life, which could impact its control over the subsidiary [1][2]. Group 1: Company Announcement - The company announced its opposition to the auction plan proposed by OSL Capital, which aims to sell up to 29.9% of Color Life's issued shares [1]. - The company claims that the alleged debts owed to TFISF do not involve Color Life shares as collateral, and it has formally opposed the auction process [1][2]. - This is not the first conflict between the company and TFISF, as a similar dispute arose in December 2021 regarding a loan issue [1][2]. Group 2: Shareholding and Control - TFISF claims to hold approximately 780.14 million shares of Color Life, representing about 41.95% of the total issued shares, which are pledged as collateral for debts owed by the company [1][2]. - The company's controlling shareholder, Zeng Baobao, indirectly holds around 1.01364 billion shares of Color Life, accounting for 68.14% of the total shareholding [2]. - The company holds a total of 52.44% of Color Life's equity, and the auction of up to 29.9% of shares could jeopardize its control over the subsidiary [2]. Group 3: Financial Context - Color Life's current stock price is HKD 0.178 per share, making the 29.9% stake worth approximately HKD 98.97 million [3]. - The company recently advanced a debt restructuring plan covering USD 4.018 billion, involving various debt instruments and offering three options for creditors [3]. - As of October 3, approximately 84.54% of the company's existing noteholders and 77.33% of total outstanding debt holders have supported the restructuring plan [4].

Group 1: Real Estate Market Trends - In October, Shenzhen recorded 5,547 second-hand homes, marking a 4.5% month-on-month decline and a 32.9% year-on-year decline, but has maintained over 5,000 units for eight consecutive months, indicating a stabilization phase in the market [1] - Wuhan's land auction saw 8 out of 9 plots sold at the base price, generating over 1.118 billion yuan, reflecting a "low-temperature normalization" in the land market, with private enterprises cautiously acquiring land in suburban areas [2] Group 2: Corporate Actions and Financial Developments - Fantasia Holdings opposed the auction of 29.9% of its subsidiary, Color Life Services Group, asserting that debts owed to TFISF were not secured by Color Life shares, and is seeking legal advice to protect its rights [3] - R&F Properties announced that a restructuring plan for a domestic bond with a principal balance of approximately 1.68 billion yuan was approved, which will extend debt maturity and alleviate short-term repayment pressure [4] - Zhihong Home's controlling shareholders plan to reduce their holdings of convertible bonds by 13.51%, with a total of 905,000 bonds to be sold, which may impact the company's equity structure and market confidence in the long term [5]

如2021年公告所述，TFISF声称其作为公司托管人持有彩生活合共7.8亿股股份(相当于彩生活于本公告 日期的已发行股份总数约41.95%)将被押记，作为结欠TFISF指称款项的担保。公司认为，结欠TFISF的 指称款项并未以彩生活股份作出担保，并已正式以书面向TFISF及奥澌提出反对有关彩生活股份的任何 拍卖程序。 公司正就未经授权试图强制执行所谓的担保权利寻求法律意见以保障其合法权益。公司将适时刊发进一 步公告，以知会公司股东及其他投资者任何重大进展。 （原标题：花样年控股(01777)：已正式以书面向TFISF及奥澌提出反对有关彩生活(01778)股份的任何拍 卖程序） 智通财经APP讯，花样年控股(01777)发布公告，有关涉及一间附属公司股份的纠纷的最新情况，公司接 获奥澌资本亚洲有限公司(奥澌)声称作为与TFISF有关的一间实体的财务顾问所发出的通知，内容有关 拟透过由奥澌管理的拍卖程序声称行使权利，以出售公司一间附属公司彩生活服务集团有限公司 (01778)已发行股份总数最多29.9%。 ...

Core Viewpoint - The company, Fantasia Holdings (01777.HK), has received a notification from OASIS Capital Asia Limited regarding a proposed auction to sell up to 29.9% of its subsidiary, Color Life Services Group (01778.HK) [1] Group 1: Company Actions and Responses - The company asserts that the alleged debts to TFISF are not secured by Color Life shares and has formally opposed any auction procedures related to these shares [1] - The company is seeking legal advice to protect its rights against unauthorized attempts to enforce the claimed security rights [1] - The company will issue further announcements to inform shareholders and investors of any significant developments [1] Group 2: Shareholding and Financial Details - TFISF claims to hold a total of 780,104,676 shares of Color Life, which represents approximately 41.95% of the total issued shares as of the announcement date [1]

本公司接獲奧澌資本亞洲有限公司（「奧澌」）聲稱作為與TFISF有關的一間實 體的財務顧問所發出的通知，內容有關擬透過由奧澌管理的拍賣程序聲稱行 使權利，以出售本公司一間附屬公司彩生活服務集團有限公司（股份代號： 1778）（「彩生活」）已發行股份總數最多29.9%。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 Fantasia Holdings Group Co., Limited 花樣年控股集團有限公 司 （於開曼群島註冊成立之有限公司） （股份代 號：1777） 內幕消息 有關涉及一間附屬公司股份的糾紛的最新情況 本公告乃由花樣年控股集團有限公司（「本公司」）根據香港聯合交易所有限 公司證券上市規則第13.09(2)(a)條以及證券及期貨條例（香港法例第571章）第 XIVA部作出。 茲提述本公司日期為2021年12月10日的公告（「 2021年公告」）。除另有界定者 外，本公告所用詞彙與2021年公告所界定者具有相同涵義。 1 誠 如20 ...

呈交日期: 2025年11月3日 I. 法定/註冊股本變動 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 花樣年控股集團有限公司 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01777 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 8,000,000,000 | HKD | | 0.1 | HKD | | 800,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 8,000,000,000 | HKD | | 0.1 | HKD | | 800,000,000 | 本月底法定/註 ...

Core Insights - Q3 2025 financial results show significant revenue growth for the company, driven by increased sales in the automotive and motorcycle sectors [2][3] - The company reported a net profit increase primarily due to government subsidies and foreign exchange gains, despite a substantial loss when excluding non-recurring items [3][4] - The company is undergoing a transformation towards an "AI + vehicle" strategy, with plans for a Hong Kong IPO, although its new business segments have yet to generate revenue [4] Financial Performance - Q3 revenue reached 2.762 billion yuan, a year-on-year increase of 51.2% [2] - Net profit attributable to shareholders was approximately 22.11 million yuan, up 60.75% year-on-year [2] - For the first three quarters, total revenue was 6.946 billion yuan, a 44.27% increase year-on-year, with a net profit of about 53.28 million yuan, reflecting a 33.37% growth [2] Business Segments - The growth in revenue is attributed to the sales of the company's automotive business, particularly the micro electric vehicle "Blue Balloon" and the A0-level fuel SUV "Rui Lan X3 PRO" [3] - The "Blue Balloon" model sold over 3,000 units in September, while the "Rui Lan X3 PRO" had sales exceeding 5,700 units in July and August, but dropped to 2,381 units in September [3] - Despite increased sales, the company reported a sales profit margin of -2% in Q3 [3] Government Support and R&D - The company received 87.59 million yuan in government subsidies during Q3, which significantly contributed to the net profit [3] - Excluding non-recurring gains, the company faced a net loss of 42.41 million yuan, primarily due to increased advertising expenses and R&D costs for a new intelligent vehicle cockpit operating system [3] Strategic Transformation - The company, originally known as Lifan Automotive, has undergone a transformation after judicial restructuring and the introduction of new stakeholders [4] - In September, the company announced its strategic focus on three main business areas: intelligent driving, intelligent cockpit, and Robotaxi services [4] - The company plans to list on the Hong Kong Stock Exchange, although its new business segments have not yet generated any revenue [4]

Core Viewpoint - Q3 2025 financial results of Qianli Technology show significant revenue growth driven by automotive and motorcycle sales, but profitability remains a concern due to high costs and low margins [1][2] Financial Performance - Q3 revenue reached 2.762 billion yuan, a year-on-year increase of 51.2% [1] - Net profit attributable to shareholders was approximately 22.11 million yuan, up 60.75% year-on-year [1] - Non-recurring net profit showed a loss of 42.41 million yuan, a year-on-year decline of 657% [1][2] - For the first three quarters, total revenue was 6.946 billion yuan, a 44.27% increase year-on-year [1] - Net profit attributable to shareholders for the first three quarters was nearly 53.28 million yuan, a 33.37% increase year-on-year [1] Business Segments - Growth in revenue is primarily attributed to increased sales in the automotive and motorcycle sectors [1] - Key automotive products include the micro electric vehicle "Blue Balloon" and the A0-level fuel SUV "Ruilan X3 PRO," both priced under 60,000 yuan [1] - The "Blue Balloon" achieved over 3,000 units sold in September after its launch, while "Ruilan X3 PRO" sales exceeded 5,700 units in July and August but dropped to 2,381 units in September [1] Profitability Challenges - The sales profit margin for Q3 was -2%, indicating challenges in profitability despite revenue growth [1] - The increase in net profit was largely due to government subsidies and foreign exchange gains, with government subsidies amounting to 87.59 million yuan [2] - Excluding non-recurring gains, the company reported a net loss of 42.41 million yuan, primarily due to increased advertising expenses and R&D costs for a new smart vehicle cockpit operating system [2] Strategic Developments - Qianli Technology, originally Lifan Automotive, underwent a transformation after judicial restructuring and is now focusing on an "AI + Vehicle" strategy [2] - The company announced three main business directions: intelligent driving, intelligent cockpit, and Robotaxi services, which are capital-intensive [2] - Plans for an IPO in Hong Kong were initiated in mid-October, with high market valuations based on future potential in the new business areas, which have yet to generate revenue [2]

Core Viewpoint - The real estate industry is accelerating financing through various channels such as credit bonds, overseas bonds, and asset securitization to address year-end debt maturity pressures and prepare for future development amid increased supply of quality land parcels [1][3][10]. Financing Trends - In September, the total bond financing in the real estate sector reached 561 billion yuan, marking a year-on-year increase of 31%, with credit bond financing alone amounting to 322 billion yuan, a significant year-on-year growth of 89.5% [3][9]. - The average issuance term for credit bonds in September was 3.65 years, indicating a trend towards longer financing terms, which helps optimize debt structure and alleviate short-term repayment pressures [7]. Company Financing Activities - Several companies are actively issuing bonds, including China Merchants Shekou with a planned issuance of 40 billion yuan at a coupon rate of 1.90%, and China Vanke with a bond issuance of up to 24 billion yuan [6][8]. - Notable issuances include Beijing Urban Construction Group's successful issuance of 18 billion yuan in medium-term notes and Poly Developments' 150 billion yuan bond application accepted by the Shanghai Stock Exchange [6][8]. Challenges in Sales and Cash Flow - Despite the positive financing trends, real estate companies face significant challenges in sales, with a reported 8.4% year-on-year decline in funds received by real estate developers from January to September, particularly in deposits and pre-sales [9][10]. - The ongoing sluggish sales market continues to exert pressure on the overall cash flow of real estate companies, making it crucial for them to balance external financing with internal cash generation [10]. Debt Restructuring Progress - Some distressed real estate companies have made substantial progress in debt restructuring, with over 75% of creditors approving restructuring plans for companies like Longfor Group and Sunac China [8].